The average person has several real estate marketing questions when buying a home. The property industry might seem daunting, but asking these questions will help clear up doubts. It will make the process of purchasing a home in an elite property like Prestige Park Grove much simpler and easier. We have answered a few oft-asked questions for you here. Real estate has specific terms, and getting to know these will help when buying a home. These are some real estate interview questions for freshers:
Apartment buyers do not buy the structure by itself. They also purchase a portion of the land on which the building is located as part of the sale. The buyer has ownership of a share of the land. It is known as the owner’s undivided land share in an apartment.
In an agreement between the seller and buyer, the share is mentioned clearly. It can be specified as a percentage or as a specific area. Buyers must have a clear idea of the share. Calculation of the share is a simple matter in a small project. The calculation becomes complicated for a large project that has many sizes of apartments.
The worth of apartments is fixed by the undivided land share. Care must be taken that the share is clearly stated in the agreement. The legal status of an apartment is also dependent on if the share complies with the floor space index of the complex. Banks and registration authorities also check the certificate of share as a due process.
Upon sale of a property, it is mandatory to register it with the government. The Central Government levies fees on the property, which is known as the registration cost. The charges vary from state to state. They change depending on where your property is located. These are in addition to the stamp duty charges on the property.
The cost of registration on a property is calculated to be 1% of its total market value. There are a lot of documents that have to be produced while registering your home. Some of these are the sale agreement, khata certificate, sale deed, and tax receipts.
Registration costs and stamp duty costs are added to the cost of the property. As a result, they are not covered by home loans. These amounts have to be paid by the buyer of the property. The Income Tax Act Section 80C also allows for tax exemption on registration and stamp duty charges.
The minimum value below which no real estate deal can be completed is known as the guidance value. It is the lowest value at which a property can be registered. Every state's Department of Stamps and Registration publishes these values. The value depends on the location and the names of specific projects.
An area that is more developed will have a greater guidance value. You must register a property at guidance value even if you purchase it for less. Property must be registered at sale value if it is higher than the guidance value.
Guidance value is not the price at which the property will be sold. It is just the minimum value that is needed for registration. A home’s market value can vary. It depends on a lot of factors, which include the closeness to new developments.
Knowing the above terms will help greatly in buying a home. It will be a wise decision to invest in a project such as Prestige Park Grove. The builder, the Prestige Group, is an extremely trustworthy and experienced company. The team will be able to answer all your real estate marketing questions and guide you through the sale process.
These are the pros and cons of under-construction and ready-to-move-in (RTMI) homes.
Advantages of under-construction homes:
Disadvantages of under-construction homes:
Advantages of RTMI Homes:
Disadvantages of RTMI Homes:
The Prestige Park Grove project has apartments and villas that will suit everyone’s tastes. The above explanations will help you decide on a home in the enclave that suits you in every way.